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Young Foundry in Charleston, South Carolina, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based an the machine hours required At the beginning of the year, the company expected to incur the following EEl (Click the icon to viw the costs Requirements 1. Compute Young's predetermined manufacturing overhead rate 2. How much manufacturing overhead was allocated to jobs during the year? 3. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underalocated or overallocated at the end of the year? By how much? 4. Were the jobs overcosted or undercosted? By how much? Data Table Manufacturing overhead costs Direct labor cost Machine hours S 610,000 S 1,300,000 6250 Requirement 1. Compute Young's predelermined manufacturing overhead rate Determine the formula to calculate the predetermined averhead rate, then calculate the rate At the end of the year, the company following had actually incurred the Predetermined overhead rate Direct labor cost 1,190,000 Depreciation on manufacturing plant and 465 000 19.500 24.000 16 500 8.500 55,000 hours quipment Property taxes on plant Sales salaries Delivery drivers' wages Plant janitors' wages Machine hours Print Done